The Mishcon de Reya Corporate team have advised longstanding client Peanut App, an inclusive social networking app that connects like-minded women through fertility and motherhood, on its successful Series A fundraise. The round was led by EQT Ventures, who were joined by Index Ventures, Female Founders Fund and others.
Richard Tyler, Partner, Mishcon de Reya commented: "We have worked closely with Peanut since its incorporation in 2016 and have advised them through four successful fundraising rounds. It's been fantastic to share in the Peanut journey and this fundraise demonstrates that well-run, ambitious and exciting young companies can continue to thrive in spite of these difficult present circumstances."
Peanut has seen significant growth in the past 18 months, and boasts 1.6 million users. This growth has been bolstered further by the current pandemic with a 30% increase in engagement since its outbreak, as users seek online support and interaction to touch on concerns felt during the lockdown period, such as cancelled IVF rounds, hospital delivery plans and coping strategies for working at home with children.
Michelle Kennedy, CEO and Founder of Peanut App, commented: "We are currently living through a period where a sense of community has never been more essential and valuable. The new capital will really drive the progression of Peanut's roadmap, albeit with adjusted priorities, allowing us to further develop the technology we operate through, as well as targeting new topics and groups of users who could benefit from a community like ours. Despite the obstacles the current climate has presented, closing this round proved seamless thanks to the unwavering support of the Mishcon de Reya legal team."
The Mishcon Corporate team was led by Partner Richard Tyler and Associate Leanne Maund, with support from Associate Tom Grogan. The Mishcon de Reya Incentives team also assisted, led by Partner Stephen Diosi and Associate Caroline Nye-Wilkins.